The local market fell into profit-taking correction mode on Wednesday, led by oil & gas, technology and plantation heavyweights, with worries over slower growth in the US and China dampening investor sentiment. The FBM KLCI shed 20.55 points, or 1.24 percent, to settle at 1,639.80, off an early high of 1,654.38 and low of 1,638.90, as losers trashed gainers 825 to 283 on moderate turnover of 2.96bn shares worth RM3.34bn.
Blue chips are likely to stay range bound pending the outcome of the closely watched US inflation data and interest rate cut, and as foreign interest on key banking and utility stocks cap downside. Immediate index support remains at the recent correction low of 1,633, with 1,620 and 1,600 acting as stronger supports. Immediate resistance is revised lower to 1,670, with the recent high of 1,684, then 1,695, the Dec 2020 high, as tougher resistance levels.
Axiata will need to overcome the 50%FR (RM2.60) decisively to extend further recovery towards the 61.8%FR (RM2.70) and 76.4%FR (RM2.84) ahead, while downside is cushioned by the lower Bollinger band (RM2.34). CelcomDigi need strong breakout momentum above the 61.8%FR (RM3.84) to sustain further upside momentum towards the 76.4%FR (RM4.05) and 30/5/23 high (RM4.37) going forward, with the lower Bollinger band (RM3.44) capping downside risk.
Source: TA Research - 12 Sept 2024
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2024-10-12
GENTING2024-10-11
AXIATA2024-10-11
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AXIATA2024-10-11
BAUTO2024-10-11
CITAGLB2024-10-11
IHH2024-10-11
IHH2024-10-11
KERJAYA2024-10-11
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SSTEEL2024-10-10
AXIATA2024-10-10
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BAUTO2024-10-10
CDB2024-10-10
IHH2024-10-10
IHH2024-10-10
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KERJAYA2024-10-10
KERJAYA2024-10-10
SSTEEL2024-10-10
SURIA2024-10-09
AXIATA2024-10-09
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BAUTO2024-10-09
CDB2024-10-09
IHH2024-10-09
IHH2024-10-09
KERJAYA2024-10-09
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BAUTO2024-10-08
CDB2024-10-08
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IHH2024-10-08
IHH2024-10-08
IHH2024-10-08
KERJAYA2024-10-08
KERJAYA2024-10-07
AXIATA2024-10-07
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BAUTO2024-10-07
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CDB2024-10-07
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IHH2024-10-04
AXIATA2024-10-04
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CDB2024-10-04
IHH2024-10-04
IHH2024-10-04
IHH2024-10-04
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KERJAYA2024-10-04
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SSTEEL2024-10-03
AXIATA2024-10-03
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CDB2024-10-03
GENTING2024-10-03
IHH2024-10-03
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KERJAYA2024-10-03
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AXIATA2024-10-02
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BAUTO2024-10-02
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CDB2024-10-02
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IHH2024-10-02
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KERJAYA2024-10-02
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AXIATA2024-10-01
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AXIATA2024-10-01
BAUTO2024-10-01
CDB2024-10-01
CDB2024-10-01
GENTING2024-10-01
GENTING2024-10-01
IHH2024-10-01
IHH2024-10-01
IHH2024-10-01
KERJAYACreated by sectoranalyst | Oct 09, 2024